Byco Petroleum Pakistan Limited (BYCO): Only refinery with forward integration – By Taurus Research
<ul><li><strong><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">16% 3yr-CAGR in EPS:</span></strong><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">
EPS FY18A PKR 0.94 ROE 17%, FY19F PKR 0.82 ROE 13% (due to volatile oil prices
and PKR depreciation) FY20F PKR 1.24, ROE 16% FY21F PKR 1.46 ROE 16% - Deeply
Undervalued now – trading at FY19F P/BVS 1.6x FY18A P/BVS 1.9x.</span></li><li><strong><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Refining</span></strong><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">: Byco
has 2 refineries, (smaller 35,000 bpd and ORC11, the second refinery of 120,000
bpd), 155,000 tpd, making it the largest in Pakistan. It is also the only
refinery with 100% Naphtha conversion. Its new large-size Isomer...
